Commercial property agency Cygnet West has secured Western Australia’s most significant retail property management deal, having been appointed to manage a portfolio of 15 shopping centres owned by funds managed by Primewest, a Centuria Capital Group subsidiary.
The portfolio, spanning the Perth metropolitan area and several key WA regional markets comprise more than 140,000m2 of GLA, including the 12,495m2 Primewest Cottesloe Central, the 16,813m2 Primewest Bunbury Centrepoint Shopping Centre and the 12,207m2 Primewest Southern River Shopping Centre.
Cygnet West Chief Executive Imran Mohiuddin said the deal was built on a long and successful relationship with Primewest, which has spanned more than 15 years.
“This appointment is an outstanding recognition of the quality of our people, technology, track record and management approach,” Mohiuddin said.
“It also underscores our unique ability to deliver unparalleled service to our large and growing client base in WA, leveraging the unmatched local knowledge and expertise of our team and our position as the state’s biggest independent full-service real estate firm.
“We look forward to working closely with the Primewest team to deliver exceptional outcomes for its WA portfolio.”
Chief Executive Imran Mohiuddin said much of Cygnet West’s success can be attributed to its market-leading use of technology
The deal also adds to the significant momentum Cygnet West has built in retail management in recent months.
In 2021, the agency secured more than 56,000m2 of new or renewed leases in WA, against a backdrop of economic uncertainty of retail turmoil brought on by the pandemic.
Mohiuddin said much of Cygnet West’s success can be attributed to its market-leading use of technology to optimise the management of its client’s assets.
“Our current suite of management tools is unsurpassed in Western Australia,” Mohiuddin said.
Primewest Bunbury Centrepoint Shopping Centre, WA
“This allows us to customise management strategies for each individual asset and provide transparent performance reports, which identify opportunities to operate properties more efficiently and cost-effectively.
“We also believe we have WA’s best team in retail management, with our team of experienced professionals able to nurture client relationships to achieve the best outcomes for stakeholders.”
Cygnet West will begin property management of Primewest’s portfolio on October 1. The appointment increases Cygnet West’s retail assets under management to 85 properties collectively totalling close to 550,000m2 of GLA.
